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GRAINS

March Corn closed unchanged at 3.74 3/4.

March corn closed unchanged on Friday. The mid-range close sets the stage for a steady opening when Tuesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low would open the door for a possible test of January's low crossing at 3.71 an then November's low crossing at 3.67 1/4 are the next downside targets. Closes above January's high crossing at 3.84 1/2 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 3.84 1/2. Second resistance is December's high crossing at 3.87 3/4. First support is January's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.

March wheat closed down 3 3/4-cents at 5.03 1/4.

March wheat closed lower on Friday and spiked to a new contract low before a late-session rebound tempered early-session losses. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline weekly support crossing at 4.93 1/2 is the next downside target. Closes above Wednesday's high crossing at 5.24 would confirm that a short-term low has been posted. First resistance is February's high crossing at 5.31 1/4. Second resistance is December's high crossing at 5.38 1/2. First support is today's low crossing at 4.99 1/4. Second support is January's low crossing at 5.01 1/4.

March Kansas City Wheat closed down 5-cents at 4.76 1/2.

March Kansas City wheat closed lower on Friday as it extended this month's decline. If March extends this week's decline, weekly support crossing at 4.69 1/2 is the next downside target. The low-range close sets the stage for a steady to lower opening when Tuesday night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 5.03 would temper the near-term bearish outlook. First resistance is January's high crossing at 5.18. Second resistance is December's high crossing at 5.24 1/4. First support is today's low crossing at 4.72. Second support is weekly support crossing at 4.69 1/2.

March Minneapolis wheat closed down 1 3/4-cents at 5.73.

March Minneapolis wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 5.63 1/4 would confirm that a short-term top has likely been posted. If March extends the rally off December's low, December's high crossing at 5.89 1/2 is the next upside target. First resistance is December's high crossing at 5.89 1/2. Second resistance is November's high crossing at 5.93. First support is the reaction low crossing at 5.63 1/4. Second support is December's low crossing at 5.44 1/2.

SOYBEAN COMPLEX? 

March soybeans closed up 4 1/4-cents at 9.07 3/4.

March soybeans closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, January's low crossing at 8.91 1/4 is the next downside target. Closes above Wednesday's high crossing at 9.20 would temper the near-term bearish outlook. First resistance is February's high crossing at 9.31 1/4. Second resistance is December's high crossing at 9.41. First support is January's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/4.

March soybean meal closed up $0.70 at 306.20.

March soybean meal closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, September's low crossing at 303.40 is the next downside target. Multiple closes above the 20-day moving average crossing at 310.10 would temper the bearish outlook. First resistance is the reaction high crossing at 317.40. Second resistance is January's high crossing at 324.60. First support is Monday's low crossing at 304.30. Second support is September's low crossing at 303.40.

March soybean oil closed up 8 pts. at 29.97.

March soybean oil closed higher on Friday but remain below the 20-day moving average crossing at 30.06. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the 50-day moving average crossing at 29.12 is the next downside target. If March resumes the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 31.69 is the next upside target. First resistance is February's high crossing at 31.01. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 31.69. First support is today's low crossing at 29.67. Second support is the 50-day moving average crossing at 29.12.

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